// ,QKDOWVYHU]HLFKQLV

,QKDOWVYHU]HLFKQLV , $ENU]XQJVYHU]HLFKQLVV,, 6\PEROYHU]HLFKQLV,, $EELOGXQJVYHU]HLFKQLV,,, 7DEHOOHQYHU]HLFKQLVV ,,, (LQOHLWXQJ

=HLWLQNRQVLVWHQ]DOVVSLHOWKHRUHWLVFKHV3UREOHP

'DVV*UXQGPXVWHUUHLQHUU]HLWLQNRQVLVWHQWHQQ6SLHOVLWXDWLRQQ

/|VXQJVNRQ]HSWHH

'LHH/|VXQJEHLLHUVWPDOLJHP6SLHOO

'LHH/|VXQJEHLPZLHGHUKROWHQQ6SLHOHQ

$QZHQGXQJVEHLVSLHOH 5HJHOEDVLHUWHH6SLHOH

'HUU3URIHVVRUUXQGGGLHH.ODXVXU

'HUU3DWHQWVFKXW]]

6WHXHUKLQWHU]LHKXQJXQGG$PQHVWLH

.URQ]HXJHQUHJHOXQJ

/DJHUKDOWXQJXQGG6SHNXODWLRQQ

1RWKLOIHEHL+RFKZDVVHU

9HUWUDXHQVXQGG5HSXWDWLRQVVSLHOH

)HULHQMREEXQGG6WXGLHQILQDQ]LHUXQJ

9HUWUDXHQVVSLHOOQDFKK+XPHH±±GDVV(UQWHKLOIHVSLHO

=XVDPPHQIDVVXQJXQG)D]LW /LWHUDWXUYHU]HLFKQLVV 5HFKWVTXHOOHQYHU]HLFKQLV

///

$ENU]XQJVYHU]HLFKQLV

$22 $EJDEHQRUGQXQJJ

6WUD%(* 6WUDIEHIUHLXQJVHUNOlUXQJVJHVHW]] :+** :DVVHUKDXVKDOWVJHVHW]]

6\PEROYHU]HLFKQLV

W =HLWSXQNWWLQQGHUU*HJHQZDUWW W =HLWSXQNWWQDFKKHLQHUU3HULRGHH V ELVVV 6WUDWHJLHELVV6WUDWHJLH

////

$EELOGXQJVYHU]HLFKQLV

$EELOGXQJ'HWHUPLQDQWHQQHLQHUU6SLHOIRUP $EELOGXQJ'HUU6SLHOEDXPP]XUU'DUVWHOOXQJH[WHQVLYHUU6SLHOHH $EELOGXQJ'HUU3URIHVVRUUXQGGGLHH.ODXVXU $EELOGXQJ3DWHQWSROLWLNN $EELOGXQJ6WHXHUKLQWHU]LHKXQJXQGG$PQHVWLH $EELOGXQJ6WUDIWlWHUXQGG6WDDWVDQZDOWW $EELOGXQJ%HVWHXHUXQJYRQQ6SHNXODWLRQVJHZLQQHQ $EELOGXQJ1RWKLOIHHEHLL+RFKZDVVHU $EELOGXQJ'XUFKK5FNZlUWVLQGXNWLRQQYHUNU]WHUU6SLHOEDXPP $EELOGXQJ)HULHQMREEXQGG6WXGLHQILQDQ]LHUXQJJ

7DEHOOHQYHU]HLFKQLV

7DEHOOHH'LHH$XV]DKOXQJVPDWUL[HLQHVV=HLWLQNRQVLVWHQ]6SLHOV

(LQOHLWXQJ

ZXUGHQQ ]ZHLL :LVVHQVFKDIWOHU )LQQQ ( .\GODQGG XQGG (GZDUGG & 3UHVFRWW PLWW GHP 1REHOSUHLV IUU :LUWVFKDIWVZLVVHQVFKDIWHQQ DXVJH]HLFKQHW 'LHVHH (KUXQJ EHUXKWW DXI LKUHQ ZHJZHLVHQGHQQ (UNHQQWQLVVHQQ LQQ GHUU G\QDPLVFKHQQ 0DNUR|NRQRPLN LQVEHVRQGHUHH LKUHP

$XVJDQJVSXQNWW IUU GLHH $UEHLWHQQ ZDUU HLQQ 3KlQRPHQ GDV VLFKK DXVV 6LFKWW GHUU NH\QHVLDQLVFKHQ 9HUWUHWHUU QLFKW HUNOlUWHQQ OLH‰ GLH VRJ 6WDJIODWLRQ :XUGHH ELVODQJJ DQJHQRPPHQ $UEHLWVORVLJNHLWW XQGG ,QIODWLRQQ OLH‰HQQ VLFKK JHJHQHLQDQGHUU DXVWDXVFKHQ VR JDEE GLHH 7DWVDFKH 5lWVHO DXI GDVVV LQQ GHQ HU -DKUHQ GLHVHU 7UDGHRII DXVEOLHE ,PP *HJHQWHLO 'LH 6WDJIODWLRQ

%HUHLWVV /XFDVV HUNDQQWH GDVVV GLHH ELVODQJJ KHUUVFKHQGHH 9RUVWHOOXQJJ HLQHV VWUHQJJ IXQNWLRQDOHQ =XVDPPHQKDQJVGHUEHLGHQQ*U|‰HQQLPP6LQQHGHU.RQWUROOWKHRULH DXIJHJHEHQQZHUGHQQPVVH VREDOGG GLH 3ULYDWHQQ GDVV 6SLHOO GXUFKVFKDXWHQQ XQG HLQHH (UK|KXQJ GHUU ,QIODWLRQVUDWHH LQQ LKUHQ

'LHVHQQ*HGDQNHQQJULIIHQ.\GODQGGXQGG3UHVFRWWWDXIIXQGGNRQVWUXLHUWHQQHLQQ0RGHOOGDVVHUNOlUW ZDUXPP VLFKK DXFKK RKQHE|VZLOOLJHH 0RWLYDWLRQQ 7lXVFKHQQ ORKQWW XQGG GHVKDOEEHLL UDWLRQDOHU (UZDUWXQJVELOGXQJGHUU:LUWVFKDIWVVXEMHNWHHLQHHUHJHOEDVLHUWH3ROLWLNN]XXEHVVHUHQQ5HVXOWDWHQ IKUWWDOVVHLQHH'LVNUHWLRQlUH (VVLVWWGDVV0RGHOOOGHUU=HLWLQNRQVLVWHQ]]RSWLPDOHUU3OlQH

6LWXDWLRQHQ LQQ GHQHQ QXQQ GDVV (UJHEQLVV HLQHU (QWVFKHLGXQJJ QLFKWW QXU YRQQ GHUU HLJHQHQQ +DQGOXQJDEKlQJWVRQGHUQQDXFKKYRQQGHQQ$NWLRQHQQ'ULWWHUN|QQHQQPLWW+LOIHHGHUU6SLHOWKHRULH DQDO\VLHUWZHUGHQ 'LHVHVVQRFKKMXQJHH)RUVFKXQJVIHOGGDVVGHQQ%HJLQQQVHLQHVV6LHJHV]XJVVGHPP :HUNN Ä7KHRU\ RII JDPHVV DQGG HFRQRPLFF EHKDYLRXU³³ YRQQ -RKQQ YRQQ 1HXPDQQQ XQGG 2VFDU 0RUJHQVWHUQQYHUGDQNWKLOIWWXQV|NRQRPLVFKHSROLWLVFKHMDDVRJDUUELRORJLVFKHH3KlQRPHQHH]X HUNOlUHQ $XVV GLHVHPP *UXQGG HUVFKHLQWW GLHH 6SLHOWKHRULHH DOVV JHHLJQHWHVV ,QVWUXPHQW XP ]HLWLQNRQVLVWHQWHVV+DQGHOQQDXI]XGHFNHQQXQGG]XXDQDO\VLHUHQ

=LHOO GLHVHU $UEHLWW LVWW HV HLQHH %UFNH ]XX VFKODJHQ ]ZLVFKHQQ GHUU =HLWLQNRQVLVWHQ]7KHPDWLNN XQGG GHUU 6SLHOWKHRULH 'LHVV JHVFKLHKWW LQQ .DSLWHOO LQGHP QDFKK HLQHUU 'HILQLWLRQQ YRQQ

^{9JO7KH5R\DO6ZHGLVK$FDGHP\RI6FLHQFHV6%HONH6HW]HU6} 9JO%HONH6HW]HU6

^{=XPNRQWUROOWKHRUHWLVFKHQ$QVDW]]VLHKH%HFNPDQQ6II 9JO/XFDV6II%HONH6HW]HU6%HONH9ROOPHU6 9JO.\GODQG3UHVFRWW6XQG 9JO%HONH9ROOPHU6} 9JO2VERUQH6I

=HLWLQNRQVLVWHQ]] XQGG GHUU +HUDXVVWHOOXQJ GHU %HGHXWXQJ IU SROLWLVFKHH %HODQJHH GDV *UXQGPXVWHUU HLQHUU ]HLWLQNRQVLVWHQWHQQ 6SLHOVLWXDWLRQQ VDPWW GHVVHQQ /|VXQJ KHUDXVJHDUEHLWHW ZLUG(LQHQJUR‰HQ5DXPQLPPWW.DSLWHOOHLQGDVGLHHSUDNWLVFKH%HGHXWXQJGLHVHVV7KHPDVV EHOHXFKWHWW XQGG ]HLJW GDVV =HLWLQNRQVLVWHQ]] QLFKWW QXUU LQQ GHUU :LUWVFKDIWVSROLWLNN HLQHH ZLFKWLJH 5ROOHHHLQQLPPWVRQGHUQQXQVVDXFKKLPDOOWlJOLFKHQQ/HEHQQEHJHJQHW

'DVVZRKOOEHNDQQWHVWHHDOOHUU=HLWLQNRQVLVWHQ]6SLHOHHLVWWGDVV6SLHOO]ZLVFKHQQGHUU1RWHQEDQNNXQGG GHQQ 3ULYDWHQ GDV HUVWPDOVV LPP %DUUR*RUGRQ0RGHOOO H[SOL]LWW PRGHOOLHUWW ZXUGHH XQGG GDV 3KlQRPHQQGHU6WDJIODWLRQQHUNOlUW7URW]]$QHUNHQQXQJGHU%HGHXWXQJGLHVHVV6SLHOVVVROOOHVVLQ GLHVHUU $UEHLW QLFKW DQDO\VLHUW ZHUGHQ GDD KLHU GLH=LHOVHW]XQJ YHUIROJW ZLUG DQGHUH ZHLWDXVV ZHQLJHUUEHNDQQWHH6SLHOHGDU]XVWHOOHQXPPLQVEHVRQGHUHHGLH9LHOVHLWLJNHLWWXQGG3UD[LVUHOHYDQ]]

=HLWLQNRQVLVWHQ]DOVVSLHOWKHRUHWLVFKHV3UREOHP

‡”‡‰”‹ˆˆ†‡”‡‹–‹‘•‹•–‡œ‘’–‹ƒŽ‡”Ž¡‡

=HLWLQNRQVLVWHQWW QHQQWW PDQQ HLQHQQ 3ODQQ GDQQ ZHQQ GLHH LQQ W LGHQWLIL]LHUWH RSWLPDOH 6WUDWHJLHH GHVV(QWVFKHLGHUVVIUUW ]XP=HLWSXQNWWW QLFKWPHKURSWLPDOLVW ,PP=HLWDEODXIIKDEHQQVLFKKDOVRR GLHH5DKPHQEHGLQJXQJHQGHUDUWJHlQGHUWGDVVVGHUUDWLRQDOHH(QWVFKHLGHUVHLQHQQLQQW JHIDVVWHQ 3ODQQUHYLGLHUW

'DEHLL NDQQQ GLHVHH $ENHKUU DXII YHUVFKLHGHQHQQ 8UVDFKHQQ EHUXKHQ =XPP HLQHQQ LVWW HVV P|JOLFK GDVVVVLFKKGLHH3UlIHUHQ]VWUXNWXUURGHUUGLHH,QIRUPDWLRQVODJHGHVV(QWVFKHLGHUVVJHlQGHUWWKDEHQVR GDVVV HLQHH DQGHUH $OWHUQDWLYHH QXQPHKUU GHVVHQQ 1XW]HQQ PD[LPLHUW %DVLHUHQGG DXII QHXHUHQ $QVlW]HQQ ]XUU =HLWLQNRQVLVWHQ]] XQGG UHOHYDQWW IU GLHVH $UEHLWW LVWW DOOHUGLQJV HLQHH ]ZHLWH 0|JOLFKNHLW QlPOLFKK GLHH %LOGXQJ YRQQ (UZDUWXQJHQQ EHLPP *HJHQVSLHOHUU XQGG GLHH GDPLWW HLQKHUJHKHQGHH VSLHOWKHRUHWLVFKHH 6WUXNWXU 'LH (UZDUWXQJHQ GLHH XQVHU *HJHQVSLHOHUU DQQ XQVHUHH +DQGOXQJHQQ KDW GHWHUPLQLHUHQQ VHLQQ 7XQ 'HVVHQQ LVW VLFKK GHUU (QWVFKHLGHUU GXUFKDXV EHZXVVWW XQGG SODQWW GLHVHH $GDSWLRQQ LQQ VHLQQ .DONOO HLQ +DWW VLFKK QXQQ GLHH *HJHQSDUWHLL LKUHQ (UZDUWXQJHQQ JHUHFKWWYHUKDOWHQHQWIlOOWWQXQQIUUXQVHUHQQ(QWVFKHLGHUGHUU $QUHL]VHLQHQQHLQVW

=XP6SLHO]ZLVFKHQQ1RWHQEDQNNXQG3ULYDWHQQVLHKH%DUUR*RUGRQ6HKUUDXVIKUOLFKEHVFKUHLEWDXFK ^{%HUOHPDQQGLHVHV6SLHOHLQHHJXWH=XVDPPHQIDVVXQJOLHIHUQ%RILQJHUHWDO6II} 9JO3HUVVRQ7DEHOOLQL6

^{=XGLHVHUWUDGLWLRQHOOHQHQWVFKHLGXQJVWKHRUHWLVFKHQ$XVOHJXQJYRQ=HLWLQNRQVLVWHQ]]VLHKH6WURW]6 II} 9JO%RILQJHUHWDO6

JHIDVVWHQQ 3ODQQ ]XX UHDOLVLHUHQ )RUPDOO OlVVWW VLFKK GDVV LQQ HLQHP :HJIDOOHQQ ]XPLQGHVW HLQHU

=XGHPP VROOO DQ GLHVHU 6WHOOH QRFKK HLQHH ZHLWHUH EHJULIIOLFKH (LQVFKUlQNXQJ YRUJHQRPPHQ ZHUGHQ )UU GDVV $XIWUHWHQQ ]HLWLQNRQVLVWHQWHUU +DQGOXQJHQQ LVWW HVV QLFKWW QRWZHQGLJ GDVVV ]ZHL RGHU PHKUU $NWHXUH LQQ GHPP 6SLHOO EHWHLOLJWW VLQG 6FKRQQ HLQQ 5RELQVRQQ &UXVRH LVWW QLFKWW YRUU $QUHL]HQQ JHIHLW YRQQ VHLQHPP XUVSUQJOLFKK JHIDVVWHQQ3ODQQ DE]XZHLFKHQ $OOHUGLQJVZLUGGLPP ZHLWHUHQQ9HUODXIIGLHVHHÄLQWUDSHUVRQHOOH³³3HUVSHNWLYH³ QLFKWWZHLWHUEHDFKWHW

‘Ž‹–‹ƒŽ•••–”ƒ–‡‰‹•…Š‡‡–‡”ƒ–‹‘œ™‹•…Š‡”ƒ–‹‘ƒŽ‡’‹‡Ž‡”

Ä « HFRQRPLFF SODQQLQJ LVV QRWW D JDPHH DJDLQVWW QDWXUH EXW UDWKHU DD JDPHH DJDLQVWW UDWLRQDOO HFRQRPLFF DJHQWV´ 'LHVHH )HVWVWHOOXQJ YRQQ .\GODQGG XQGG 3UHVFRWW IDVVW WUHIIHQGG ]XVDPPHQ ZLH UHDOH SROLWLVFKH (QWVFKHLGXQJHQQ JHWURIIHQQ ZHUGHQ QlPOLFKK XQWHUU (LQEH]LHKXQJ UDWLRQDO DJLHUHQGHUU $JHQWHQ GLH ZRKOZLVVHQGG XPP GLH ([LVWHQ]] GHVV MHZHLOV DQGHUHQ 6WUDWHJLHQ

/DQJHH =HLWW ZXUGHH DEHU GLHVHUU ,QWHUDNWLRQVDVSHNWW DXVJHEOHQGHWW XQGG :LUWVFKDIWVSROLWLNN ]XP UHLQHQQ.RQWUROOSUREOHPPGHJUDGLHUW$XVJHKHQGGYRQQPDWKHPDWLVFKHQ0RGHOOHQQPLWWNRQVWDQWHQ :LUNXQJV]XVDPPHQKlQJHQQKDWWPDQGLHMHQLJHQQ ZLUWVFKDIWVSROLWLVFKHQQ0D‰QDKPHQQHUJULIIHQ ZLHH ] % H[SDQVLYHH *HOGSROLWLN GLHH GLH :RKOIDKUWVIXQNWLRQQ GHUU 9RONVZLUWVFKDIW

$XVV GHUU DQGHUHQQ 3HUVSHNWLYHH QDKP PDQQ DQ GLH /HJLVODWLYHH ZUGHH DOVV SDVVLYHH 0DVFKLQHULH JHVHKHQ GLH (QWVFKHLGXQJHQ HLQVWW XQZLGHUUXIOLFKK JHWURIIHQ GXUFKIKUW 'HU SULYDWH 6HNWRU NDQQQ VLFKK QDFKK GLHVHU 7KHRULHH DXI 9HUlQGHUXQJHQ HLQVWHOOHQQ XQGG GDUII VLFK GLHVEH]JOLFKK LQ

6RJHVHKHQQH[LVWLHUHQQNHLQHH,QWHUGHSHQGHQ]HQQ]ZLVFKHQQGHQQ(QWVFKHLGXQJHQQGHUU3DUWHLHQ'LHH 3ROLWLNIHVWVHW]XQJXQGGLKUHH.RQVHTXHQ]HQQIROJHQQGHPPLQQ$EELOGXQJGDUJHVWHOOWHQQ3UR]HVV

9JO%HFNPDQQ6I

9JO%HFNPDQQ6

^{'LHH%HJULIIOLFKNHLWWVWDPPWDXV%HFNPDQQ6 9JO.\GODQG3UHVFRWW6 9JO3HUVVRQ7DEHOOLQL6 9JO%HUOHPDQQ6} 9JO3HUVVRQ7DEHOOLQL6